RBC: home buyers and sellers need to know the market value of a property … In some cases, the participants in the transaction will need documentary evidence of the real price of the object. Experts shared their advice for Russians with RBC.
Market value refers to the price that a buyer is willing to pay for an object in a specific period, given the market situation. According to experts, an official confirmation of the value may be needed when buying or selling an object, receiving real estate by inheritance, insurance, and resolving controversial issues. Knowing the market value of an apartment is necessary not only for the seller. “It is also important for a buyer to know the market value of housing in order to understand the range in which he can move in order not to overpay for the selected object,” said Yulia Dymova, director of the Est-a-Tet resale real estate sales office.
Process Determination of the cost includes several stages: the conclusion of an agreement on the assessment, the choice of its methods,
carrying out calculations, determining the final cost and drawing up a report on the assessment. “It is important that when making transactions with the property of a minor child, the approval of the guardianship and guardianship authorities is required,” explained Kirill Stus, head of legal practice at Intercessia.
Earlier, experts from the Rentaved collective investment fund told how the owners can calculate the real price of their own home before the sale. They were asked to contact a real estate agency, analyze the market on their own, or use online appraisal services.